Self-Employment Contributions Act taxes

URI: https://gptkb.org/entity/Self-Employment_Contributions_Act_taxes
GPTKB entity
Statements (28)
Predicate Object
gptkbp:instanceOf gptkb:United_States_federal_law
gptkbp:abbreviation gptkb:SECA_taxes
gptkbp:additionalTax 0.9% Medicare tax for high earners
gptkbp:administeredBy gptkb:Internal_Revenue_Service
gptkbp:appliesTo independent contractors
self-employed individuals
sole proprietors
partners in partnerships
gptkbp:codifiedIn gptkb:Internal_Revenue_Code_Section_1401
gptkbp:dateEnacted 1954
gptkbp:deductiblePortion half of SECA tax is deductible for income tax purposes
gptkbp:enactedBy gptkb:United_States_Congress
https://www.w3.org/2000/01/rdf-schema#label Self-Employment Contributions Act taxes
gptkbp:maximumWageBase $160,200 for Social Security (2023)
gptkbp:notWithheldBy employers
gptkbp:noWageBaseLimit Medicare portion
gptkbp:pays self-employed taxpayer
gptkbp:purpose fund Medicare
fund Social Security
gptkbp:relatedTo gptkb:Social_Security_Act
gptkb:Federal_Insurance_Contributions_Act_taxes
Medicaid program
gptkbp:reportsTo gptkb:Schedule_SE_(Form_1040)
gptkbp:taxStatus 12.4% for Social Security (2023)
2.9% for Medicare (2023)
net earnings from self-employment
gptkbp:bfsParent gptkb:Social_Security_Trust_Funds
gptkbp:bfsLayer 6